He's calling for the Department of Justice and the Department of Transportation to investigate why airfares are so high despite what he described as "record" airline profits and "rapidly declining" fuel costs.
Read MoreSouthwest soars on oil's slide
According to the senator's office, the International Air Transport Association forecasts the airline industry profits will grow from $19.9 billion this year by 26 percent to $25 billion next year.
Meanwhile, oil prices have dropped by 40 percent since June and are about $60 a barrel.
Read MoreOil drop = instability: Top fund manager